Tourism: Higher earnings for Cullinan

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Higher earnings for Cullinan

Leisure and tourism company Cullinan Holdings expected headline earnings a share and earnings a share for the six months to March to be much higher than those for the corresponding period last year, it advised its shareholders on Friday. The firm said it expected headline earnings a share to be between 60 percent and 65 percent higher and earnings a share to be between 40 percent and 45 percent better. Unaudited results for the corresponding period last year showed attributable earnings up 25.2 percent and headline earnings up 25.2 percent. Profit before taxation was up 24 percent to R36.9 million and cash resources increased by R5.7m. Cullinan shares were untraded on Friday and closed at R2.40. – Wiseman Khuzwayo

Marine cargo

Textainer gets bank funding

Trencor’s Textainer Group Holdings, the world’s largest lessor of intermodal containers based on fleet size, said on Friday that Textainer Limited would enter into a $500 million (R5.2 billion), five-year term with a group of financial institutions led by Union Bank. Trencor has a 48.2 percent beneficiary interest in the transaction. It said the interest rate under the term loan was spread over the London interbank offered rate, which varies based on average. Trencor shares fell 0.07 percent to close at R74.49 on Friday. - Wiseman Khuzwayo

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